Shipping containers at the port of Oakland in California on Feb. 23, 2026, following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs.The Supreme Court struck down President Donald Trump's tariffs on Friday, but the trade tax turmoil is far from over. Fallout over the ruling is already threatening to further strain global trade relations, and the U.S. economy is likely to suffer, economists told CNBC. In 6-3 decision, the high court ruled that President Trump did not ...

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $2.6 billion in 2025, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4][5] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a conservative payout ratio of 66% and a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [5][6] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion in capital recycling initiatives, with higher revenues in rail and toll road segments [6][7] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [7][8] - The data segment's FFO surged over 50% to $502 million, attributed to new investments and strong organic growth, including the commissioning of 220 megawatts of capacity at hyperscale data centers [8][9] Market Data and Key Metrics Changes - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [9] - In 2025, corporates invested around $500 billion into AI-related infrastructure, with expectations for further capital investment in the next two years [11][12] Company Strategy and Development Direction - The company is focused on a prudent, risk-focused approach to AI infrastructure investing, emphasizing long-term contracts and selective partnerships with investment-grade counterparties [12][13] - Brookfield Infrastructure aims to capitalize on structural themes such as digitalization, decarbonization, and deglobalization, positioning itself for a super cycle in infrastructure investment [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a return to 10% or higher per unit growth, supported by resilient cash flows and a robust pipeline of investment opportunities [20][21] - The company highlighted the importance of maintaining a disciplined execution strategy to convert demand into durable returns, particularly in the data center sector [16][17] Other Important Information - The company achieved record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [9] - Significant new investments included a $125 million acquisition of a South Korean industrial gas business and a $300 million investment in a railcar leasing platform [19] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (around 15 years) help avoid technology risks by ensuring that any necessary infrastructure changes are not at their cost [28][30] Question: What is the expected return on new data center developments? - Management indicated that new data centers yield a return of 9% to 10%, with monetization at cap rates of 5.5% to 6%, leading to potential equity returns in the high teens or twenties [26][27] Question: Can you provide details on the KKR acquisition of data centers? - Management stated that they cannot disclose specific transaction details but confirmed joint ventures with institutional investors across North America and Europe, totaling about 850 megawatts [35][36] Question: What is the outlook for inflation indexation across geographies in 2026? - Management expects inflation indexation in OECD markets to average between 2% and 3%, with emerging markets like India and Brazil ranging from 2% to 4% [46][47] Question: How is the capital backlog in data operations expected to evolve? - Management noted a significant increase in the capital backlog, driven by hyperscale projects, and expects about $1.5 billion to come online in 2026 [51][59]

Financial Data and Key Metrics Changes - In 2025, Brookfield Infrastructure generated funds from operations (FFO) of $2.6 billion, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [4][5] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion of capital recycling initiatives, with revenue growth in rail and toll road segments averaging 2% and 3% respectively [5] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [6] - The data segment saw FFO of $502 million, a more than 50% increase compared to the previous year, attributed to new investments and strong organic growth in data storage [6] Market Data and Key Metrics Changes - The company reported record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [8] - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [7] Company Strategy and Development Direction - Brookfield Infrastructure is focusing on AI infrastructure investing, leveraging sector tailwinds to create durable value for unitholders [2][10] - The company is applying a risk-focused approach to AI infrastructure, emphasizing long-term contracts and selective investment in strong counterparties [11][12] - The strategic initiatives include deploying approximately $1.5 billion into new investments and maintaining a robust pipeline of opportunities across sectors and geographies [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a constructive backdrop for infrastructure in 2026, driven by digitalization, decarbonization, and deglobalization trends [19] - The company anticipates returning to a growth target of 10% or higher per unit in 2026, supported by resilient cash flows and a strong capital deployment outlook [20] Other Important Information - The company completed approximately $16 billion in financings to de-risk operating company balance sheets [3] - The company has secured two transactions expected to generate attractive returns, including a sale of a Brazilian electricity transmission concession and a capital partnership for data centers in North America [9] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (15 years) help manage technology risk by ensuring that any necessary infrastructure changes are not at their cost, allowing them to focus on core infrastructure [24][28] Question: Can you provide details on the KKR acquisition of a stake in a portfolio of data centers? - Management stated they cannot disclose specific transaction details but confirmed joint ventures with institutional investors, including KKR, across various markets [32][34] Question: What is the expected inflation indexation across geographies in 2026? - Management indicated that inflation indexation in OECD markets is expected to average between 2% and 3%, while emerging markets like India and Brazil may see inflation pass-through in the range of 2%-4% [45] Question: Can you provide an update on the capital backlog and its drivers? - Management noted that the data center platform saw significant growth, with a backlog increase driven by new contracts and acquisitions, particularly in North America and Europe [49][51] Question: How does the Canada-Alberta MOU impact midstream investments? - Management stated it is too early to determine the MOU's impact but noted existing growth initiatives and a strong operational environment in Canada [64][66]

分组1: Federal Reserve and Economic Outlook - The Federal Reserve is expected to hold interest rates steady this week, with no new projections anticipated [37][38] - There is significant interest in the press conference for insights on the Fed's future rate decisions and potential dissents among policymakers [40][41] - The current economic environment is described as being in a "plausible range of neutral," indicating a balanced approach to monetary policy [39] 分组2: Earnings Reports and Market Reactions - Major tech companies including Microsoft, Meta, Tesla, and Apple are set to report earnings this week, with a focus on AI impacts and spending plans [19][30][26] - Microsoft is expected to report a revenue of approximately $25.1 billion for Q4, with analysts looking for insights on Azure growth and capacity constraints [32][23] - Meta is anticipated to provide updates on its spending plans and the performance of its Reality Labs division, which has seen layoffs and a shift in focus [28][29] 分组3: Precious Metals Market - Gold prices have surged above $5,000 per ounce for the first time, indicating potential market concerns and geopolitical tensions [42][44] - The silver market is also experiencing significant movements, suggesting a shift in inflation expectations from disinflation to potential hyperinflation [45] - The decline of the dollar is contributing to the rise in precious metals, raising questions about future economic stability and purchasing power [46][48] 分组4: Impact of Winter Storm on Industries - A severe winter storm has affected 17 states, leading to widespread power outages and significant disruptions in travel, with approximately 823,000 people without power and over 10,000 flight cancellations [9][10] - Retailers like Home Depot and Lowe's are expected to see increased demand for supplies due to the storm, while delivery services like DoorDash have paused operations in affected areas [13][16] - The storm's impact on consumer behavior and supply chains may influence Q1 earnings for companies in the retail and utility sectors [14][11]

Summary of Marcus & Millichap Update / Briefing (January 22, 2026) Company Overview - **Company**: Marcus & Millichap (NYSE: MMI) - **Established**: 1971 by George Marcus and Bill Millichap - **Focus**: Real estate investment brokerage and information delivery to the investment community [3][4] Economic Outlook for 2026 - **GDP Growth**: Expected to be between 2.5% and 3%, an improvement from 2025's growth of 2% to 2.5% [7][8] - **Unemployment Rate**: Currently at 4.4%, projected to rise to between 4.5% and 5% by next year [8] - **Key Growth Drivers**: - **Artificial Intelligence (AI)**: Significant investment in data centers and AI-related infrastructure, with the U.S. leading globally [10][11] - **Fiscal Stimulus**: Tax cuts and increased government spending expected to boost GDP by approximately $100 billion, contributing 2%-3% to GDP [13] - **Headwinds**: - **Deglobalization**: Ongoing tariffs and restrictive immigration policies impacting job growth [9][14] - **Labor Market**: Job growth has stagnated, with healthcare being the only sector adding jobs [15][16] Risks to Economic Growth - **K-shaped Economy**: Increasing income inequality affecting consumer spending, with the top 20% of earners driving a significant portion of economic activity [18][19] - **Equity Market Valuations**: High valuations in the stock market pose a risk if AI adoption does not lead to expected productivity gains [20][21] - **Bond Market Fragility**: Concerns about potential dislocation in the bond market, which could impact financial and real estate markets [22][23] Commercial Real Estate Insights - **Market Trends**: - **Apartments**: Stable vacancy rates below 5%, but a significant drop in multifamily starts (72% from peak) and units under construction [36][39] - **Office Market**: Gradual recovery with improved daily attendance, but significant variance in vacancy rates between older urban and newer suburban properties [48][50] - **Industrial Market**: High vacancy rates due to a surge in construction, but demand remains steady for smaller, private investor-owned facilities [51][58] - **Housing Affordability**: Only 28% of Americans can qualify for a typical first home purchase, leading to increased demand for rental housing [39][46] Federal Policy and Housing Market - **Proposed Limitations**: Recent federal proposals to limit acquisition of single-family homes driven by political pressures related to affordability concerns [42][43] - **Supply Focus**: Emphasis on increasing housing supply as a solution to affordability issues, with ongoing advocacy for policies that support this goal [44][46] Conclusion - **Overall Outlook**: 2026 is expected to be a better year for operations and rent growth due to supply pullback and strong demand, although challenges remain in the labor market and economic risks persist [47][48]

Commodities asset manager Sprott (NYSE:SII) , known for treating precious metals as a macro signal, is evaluating the market’s structural change following one of the strongest years on record for gold and silver.The commodity sector, in its view, is no longer a trade—it's becoming a core allocation shaped by politics, policy, and power.That framework is laid out in Sprott’s Top 10 Themes for 2026 report, which walks investors through a map of a fractured global system. Three ideas dominate the narrative: ac ...

Group 1: Market Overview - Sprott is evaluating structural changes in the commodities market following a strong year for gold and silver, indicating that commodities are becoming a core allocation influenced by politics and policy [1] - The report outlines three dominant themes: accelerating deglobalization, the rise of the debasement trade, and the continuation of a gold and silver bull market [2] Group 2: Deglobalization and Strategic Assets - Deglobalization is now a reality, with governments prioritizing sovereignty and supply security over cost minimization, placing commodities at the center of this trend [3] - Critical minerals and precious metals are being reclassified as strategic assets, leading to fragmented markets and regional shortages [4] Group 3: Inflationary Trends - The trend towards nearshoring and domestic production is inflationary, causing gold to regain its relevance as a reserve asset in a multipolar world, while silver benefits as both a store of value and an industrial input [5] Group 4: The Debt Conundrum - The debasement trade reflects a long-term shift from fiat currencies to tangible assets due to chronic government deficits that central banks must accommodate [6][7] - By 2025, U.S. public debt is projected to exceed $38 trillion, with little political appetite for austerity, complicating monetary policy independence [8] Group 5: Precious Metals Market - Gold is viewed as underowned despite its recent rally, with significant buying from central banks, particularly China, suggesting continued upside potential into 2026 [11] - Silver's role has evolved from a monetary asset to a critical industrial commodity, facing persistent supply deficits due to its production dynamics [12] Group 6: Emerging Opportunities - Uranium is identified as a cornerstone of energy security, supported by government funding for nuclear power and increasing demand driven by AI [14] - Copper is facing supply shortages due to electrification and grid expansions, while rare earths are seen as strategic bottlenecks influenced by geopolitics [15]

Economic Developments - The Hainan Free Trade Port (FTP) has maintained smooth operations and achieved initial economic aggregation one month into special customs operations [1] - A total of 5,132 new foreign trade enterprises registered in Hainan over the past month, bringing the total number of registered foreign trade market entities in Hainan to over 100,000 [7] Company Benefits - Hainan Heren Pearl Co., Ltd. benefits from the FTP policies, reducing its overall tax burden from approximately 52% to about 26% by selling high-value products duty-free to the mainland [3] - Chia Tai (Hainan) Xinglong Coffee Industry Development Co., Ltd. operates at full capacity, importing green coffee beans from Colombia and enjoying an 8% tariff reduction under FTP policies [4] Customs Policies - The FTP features "freer access at the first line" for trade between Hainan and areas outside China's customs borders, and "regulated access at the second line" for goods moving from Hainan to the mainland [5] - From December 18, 2025, to January 18, 2026, the value of "first line" imported zero-tariff goods was 753 million yuan (approximately 107 million U.S. dollars), while processed goods sold domestically through the "second line" amounted to about 85.9 million yuan [6] Global Context - The launch of island-wide special customs operations occurs amid rising global uncertainty and deglobalization, reflecting China's commitment to high-standard opening up [8] - This initiative is expected to inject greater certainty and positive momentum into the global economy and international trade cooperation [9]

Core Insights - The article discusses how multipolarity, deglobalization, and nearshoring are expected to lead to a structural increase in inflation, as predicted by economists [1] Group 1: Economic Trends - Multipolarity is emerging as a significant trend, indicating a shift in global power dynamics that may affect economic stability and inflation rates [1] - Deglobalization is highlighted as a factor that could disrupt traditional supply chains, potentially leading to increased costs and inflationary pressures [1] - Nearshoring is becoming more prevalent as companies seek to relocate production closer to their consumer markets, which may also contribute to rising inflation due to higher operational costs [1] Group 2: Inflation Predictions - Economists predict that these trends will not only affect current inflation rates but may also lead to a long-term structural shift in how inflation behaves in the global economy [1] - The anticipated increase in inflation is expected to be driven by changes in trade patterns and production locations, which could alter pricing dynamics across various industries [1]

We are in the process of accelerating deglobalization. The process of de-globalization involves decoupling into two blocks: 1) the US-led block with the EU allies and other NATO members, and 2) the China-led block, together with Russia, Iran, and North Korea.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am n ...